Phones are being adopted for digital bank operations by CBI

Baghdad - INA

The Governor of the Central Bank, Ali Al-Alaq, announced today, Wednesday, the success of Iraq's digital transformation and electronic payment plan while stressing that digital banks will allow citizens to manage their operations through the phone.

Al-Alaq told the Iraqi News Agency (INA): "The data that was discussed in the electronic payment conference, clearly indicates the success of the digital transformation and electronic payment plan, and the percentage rose from 20 percent a few years ago to 48.5 percent, which is double the percentage," indicating that "this percentage came during the last two years." 

He added that "there is a major transformation supported by a national strategy and a serious and direct government direction by the Prime Minister and giving the issue the momentum it deserves by providing the necessary infrastructure," explaining that "Iraq now has advanced infrastructure to accommodate electronic payment tools and financial services of all kinds so that we can soon move to the transformation to digital banks in which the mobile phone will be the one leading the various operations. This facilitates services for citizens, reduces the chances of fraud, reduces the chances of corruption, and provides important data at the national level on the nature of transactions, their content, and oversight of them and the compliance achieved through the large system." 

He continued: “Many requests have been submitted to the Central Bank to establish digital banks, and this is evidence that the trend is receiving the attention of investors. There are more than 60 requests that the Central Bank is currently examining carefully to meet the requirements and conditions that achieve success because we must ensure that the first step in digital banks is successful,” stressing “the conditions, controls and rules under which digital banks operate. Still, they represent a major shift in banking services, and through them, the citizen will be able to manage his operations through the mobile phone.”

He pointed out that "a large percentage of Iraqis own mobile phones, and this is an advantage that we must invest in to carry out this task."